Kotak Mahindra Bank's net profit in March quarter up y-o-y by 18.22%

6 May 2024 , 09:51 AM

Kotak Mahindra Bank, a private sector lender, reported an 18.22% year-on-year (YoY) increase in standalone profit for the quarter ended March 2024 to ₹4,133.30 Crore, while net interest income (NII) in Q4 grew 13% YoY to ₹6,909 Crore.

During the quarter, its net interest margin (NIM) increased to 5.28% from 5.22% in the third quarter of fiscal year 24.

Kotak Bank’s advances climbed 20% YoY to ₹391,729 Crore as of March 31, while client assets, which include advances and credit substitutes, increased 20% YoY to ₹423,324 Crore.

The bank’s GNPA fell to 1.39% in Q4 compared to 1.78% in Q4 of the previous fiscal year, while NNPA was at 0.34% versus 0.37% YoY. As of March 31, its advances climbed by 20% year on year to ₹391,729 Crore, while client assets, which include advances and credit substitutes, increased by 20% to ₹423,324 Crore.

In Q4 FY24, average current deposits increased by 3% year on year to ₹60,160 Crore, up from ₹58,415 Crore in Q4 FY23. Average savings deposits increased by 5% year on year to ₹123,457 Crore in Q4FY24, from ₹117,824 Crore in Q4FY23. The average term deposits increased by 35% year on year to ₹224,703 Crore in Q4FY24 from ₹166,644 Crore in Q4FY23.

The bank’s standalone Return on Assets (ROA) for FY24 was 2.61%, while in Q4 it was 2.97%. The Return on Equity (ROE) for FY24 was 15.34%, while in Q4 it was 17.54%.

Along with the announcement of results, the bank’s board declared a dividend of ₹2 per share.

At around 9.46 AM, Kotak Mahindra Bank was trading 4.42% higher at ₹1,615 per piece, against the previous close of ₹1,546.70 on NSE.

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